OPEC oil drops by 2.6%
Baku, Azerbaijan, Feb. 22
By Maksim Tsurkov - Trend:
OPEC oil basket's price stood at $29.17 per barrel on Feb. 19, or $0.79 less than on Feb.18, a source in OPEC told Trend Feb. 22.
The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)
Positive dynamics is observed in world oil prices on Feb. 22. The price of April futures for North Sea Brent crude oil mix rose by 1.15 percent and stood at $33.39 per barrel on Feb. 22 in the morning. This is while the price of March futures for WTI oil has increased by 1.65 percent and reached $30.13 per barrel.
The rise in prices is stipulated by Russian Energy Minister Alexander Novak's statement that consultations on the countries' joining the initiative on freezing of oil production at the level of January 2016 must be completed by March 1.